Millennials Surpass Baby Boomers As America's Largest Generation Reports AACII

LOS ANGELES - Californer -- For the first time Millennials are the largest segment of the U.S. population. Their dominance will impact insurance trends for the next three decades predicts Jesse Slome director of the American Association for Critical Illness Insurance.

"There are now 72.1 million Millennials compared to 71.6 million Baby Boomers," states Jesse Slome, director of the organization. The data is based on the latest U.S. Census projections that reported data through July 2019.

"Millennials will be the dominant generation for the next few decades as the number of Baby Boomers and Generation Xers declines," Slome explains. "By 2050, experts predict there will be 16.2 million Boomers compared to 72 million Millennials."

Millennials are defined as those born between 1981 and 1996. "These men and women are now between ages 24 and 39 and they will change everything in the insurance world," Slome predicts. "One of the chief beneficiaries will be critical illness insurance products. Millennials in particular will see the risk-reward of this product as compared to products favored by Boomers, especially life insurance."

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Slome predicts the market for critical illness insurance is poised for dramatic growth. "There are presently about five million Americans who have one form of this coverage," Slome says. "I expect we'll see exponential growth once the economy resumes and life resumes for this generation."

The Association works to educate Americans about the consequences associated with surviving critical illnesses such as cancer, heart attacks and strokes. "Because so many Millennials have high deductible plans, they need to understand that adding a nominal cancer or ci plan makes enormous sense. For a few dollars a month, a modest amount of cancer-only or critical illness insurance can cover that gap," the critical illness insurance expert notes.

Learn more about cancer risks by accessing the latest data collected by the Association. To access go to https://criticalillnessinsuranceinfo.org/cancer-and-critical-illness-insurance-data/ .

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The American Association for Critical Illness Insurance advocates for the importance of planning and supports insurance professionals who market these products. For instant critical illness insurance rates, visit the Association's website at https://www.criticalillnessinsuranceinfo.org.